§ 52. Sir F. Sanderson
asked the Chancellor of the Exchequer whether, in view of the policy of tax deduction under Pay-as-you-Earn, it is proposed to continue the issue of 3 per cent. Defence Bonds, third issue, upon which the interest is payable half-yearly without deduction of tax.
§ Sir J. Anderson
Yes, Sir. The introduction of the "Pay-as-you-Earn" scheme does not call for any alteration in the arrangement whereby interest on 3 per cent. Defence Bonds is payable without deduction of tax.